Bonds Feb 16

Agricultural Bank issues first 'Dim Sum' bond of 2020

The Agricultural Bank of China said it has successfully priced and issued additional five-year fixed-rate RMB bonds overseas.

The additional 1.5 billion yuan (US$210 million) sale brings total issuance of the security to 4.5 billion yuan. The debt yielded 2.98%, 17 bps lower than on the overseas secondary market on February 11.

This is being referred to as the first RMB "dim sum bond" issue in 2020. The funds raised will be mainly used to support township-level projects and covid-19 relief efforts. 

The additional issuance will be merged with the original bonds in Hong Kong. 

Hong Kong Stock Exchange, China (Macau) Financial Assets Trading (MOX), Luxembourg Stock Exchange, London Stock Exchange and China Europe International Exchange will share the issue.

The joint global coordinators of this offering are Bank of China, Standard Chartered Bank and the Communications Bank. 

Joint underwriters and book keepers are Bank of China, Standard Chartered Bank, Agricultural Bank of Hong Kong, China Construction Bank, ICBC (Asia), SPDB, CNCB International, Mizuho Securities, KGI Securities, Oriental Huili, China Trust.